Is it time to ditch Nationwide in droves?

Stavros_3

Taken from Thisismoney
http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=476509&in_page_id=7&ct=5

Inactive

neil324 wrote: »

Sounds very smug:D

It does... but it is true.:D

MiserlyMartin

sofa_surfer wrote: »

Since you've moved all your money out years ago, I view this as a sort of personal crusade. Any particular reason?

I wouldn't say its a crusade. I am just annoyed at their extremely low rates for savers. I am a big fan of building societies. I voted for them to stay mutual. But the way they are running the society is not like a mutual, where are the benefits of mutuality now? They have something like a 3.5% margin on their rates.

I got a letter from Scarborough BS informing me that my First Post account is now paying a whopping 0.10% Gross - 0.08% Net. There really is no point in having money in an account like that. Trouble is most accounts are not much better therefore I think I am tempted to take it out and buy gold or go offshore.

bristolleedsfan

MiserlyMartin wrote: »

I Trouble is most accounts are not much better therefore I think I am tempted to take it out and buy gold or go offshore.

:T Halifax plc rates are on the whole even worse than Nationwides.

cheggers

Could do with Nationwide going plc could do with a windfall in this current banking mess:beer: :beer:

evenasus

cheggers wrote: »

Could do with Nationwide going plc could do with a windfall in this current banking mess:beer: :beer:

I hope your'e kidding.

Look what has happened to Northern Rock, Bradford & Bingley, Halifax.

Then there are the ones who, after demutualising, eventually had to be taken over.

Inactive

cheggers wrote: »

Could do with Nationwide going plc could do with a windfall in this current banking mess:beer: :beer:

It may have escaped your notice, but they have found a way around paying out in the current financial mess, as witnessed by Skipton swallowing up Scarborough, no pay out.

There are many others as well.

Pity they cannot find a way around paying out the " Bankers Bonus's ".. :rolleyes:

zaksmum

Nationwide have lost my custom too. They are big on advertising how good they are but their interest rates are a joke even in the current climate.

I have been a member of Nationwide since 1978 but closed my account last week. I can do better elsewhere and indeed have done.

Pssst

Nationwide really DO need to reassess how they treat their customers. A month ago they fleeced me for £30 for a returned cheque. I have been with them for nearly 20 years and always have a very healthy balance. My current balance with them is in 5 figures. I have now opened a first direct account and am migrating.

acc

I stopped using Nationwide almost a year ago, partly because of the reduction in their interest rates, but mainly because of the appalling customer service.

The way they treat their customers, it's no surprise that more and more people take their business elsewhere so the Nationwide branches are getting quieter and quieter.